Citigroup maintained its investment rating for Sinochem Fertilizer (00297-HK), with a target price of HK$3. It said that it has benefited from the rebound in global potash prices, while Sinochem's potash gross profit and production are also expected to return to increase. The net profit of Sinochem Fertilizer in the first half of the year is expected to increase 50% to 509 million yuan over last year. According to Citi, Sinochem's two-way order settlement method and the reduction in the import ratio since last year will have a negative effect on the stock's profit... As coal prices continue to rise, the gross margin of nitrogen fertilizer is under pressure, only 2%. According to Citi, the predicted price-earnings ratio of Sinochem is 14 times, and the valuation still has a premium over CNOOC (03983-Hk). Sinochem Fertilizer rose 1.4% on Friday to close at HK$2.95.
花旗维持中化化肥(00297-HK)沽售的投资评级，目标价3港元
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